The value of investments can fall as well as rise, and you may not get back the full amount you invest. Eligibility criteria, fees and charges apply.
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Investment guide
Combine your pensions with NatWest Invest
1. It’s easier to keep track of your money
Having all your pensions in one place could make it much easier to keep an eye on how much you have and how it’s growing.
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2. You could save on fees
The overall costs and charges involved with a pension have been coming down, which is good. But you could still benefit from combining your pensions to one with lower fees than those you’re currently paying overall. This means you wouldn’t be paying as much in fees and get to keep more of your pension to put towards your retirement.
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3. Your pension could do better
It’s possible that, over time, some of the underlying funds within a pension will lose their edge. Perhaps the main manager moves on, for example. This can leave a fund untouched and unloved – left to market movements. Making sure all your pension savings are well-managed now and into the future could make a big difference.
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Is it easy to combine pensions?
Despite these possible benefits, you may be put off by thinking it’s too much hassle. But it doesn’t have to be.
If you’re transferring from one ‘defined contribution’ scheme to another, it’s often quite simple and can be done online, with something like our very own NatWest Invest.
What do I need to do?
Understanding your pension pots from previous jobs is crucial for effective retirement planning. Here are some steps to help you get a clear picture:
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1. Get your pension details
Have to hand the name of your pension providers, policy numbers and the values of each of your pensions. This information can be found in your annual statements or on an online portal.
If you can’t find this information, you can use the Pension Tracking Service or simply reach out to your previous employers.
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2. Apply online
Once you’ve made your decision to transfer, either log into your online banking or go to the app following the links below. Once there, choose “Transfer a pension” under our pension section then follow the steps.
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3. We’ll take care of the rest
We’ll begin combining your pensions in one place and will let you know once the transfer is completed.
Further support and guidance
If you’re unsure about interpreting the information or making decisions, consider seeking advice from an independent financial adviser who specialises in pensions.
Understanding your previous pension pots is an important step in deciding whether to consolidate your pensions or keep them separate.
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The final value of your pension fund will depend primarily on how much has been paid in and how well the pension fund's investments have performed. You should continue to hold cash for any short-term liquidity needs.
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